Dive Brief:
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D.R. Horton CEO Donald Tomnitz retired Wednesday after 15 years at the helm of the country’s largest home building company.
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David Auld, the company’s chief operating officer since November, took over immediately. Senior Vice President of Business Development Michael Murray stepped into the COO position.
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Tomnitz, 66, started working for D.R. Horton in 1983 as a vice president .
Dive Insight:
The announcement that Tomnitz would retire immediately came late Tuesday after Wall Street trading had closed for the day. This was the first time the company had made Tomnitz’s plans to retire public. Bloomberg quoted one housing analyst, who said, “The main question mark I have is why is it effective so soon?”